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Adriatic Metals PLC on Monday said its half-year loss widened as expenses increased and one-off gains dropped.
The firm's key assets are the Vares silver project in Bosnia & Herzegovina and the Raska zinc-silver project in Serbia.
Adriatic's pretax loss in the six months to June 30 widened to $8.8 million from $4.5 million.
Finance expenses multiplied to $5.5 million from $1.6 million. General & administrative expenses increased by 32% to $4.2 million from $3.2 million.
Further, gains from the revaluation of derivative liability dropped 55% to $1.5 million from $3.4 million.
Looking ahead, the company said it is working ‘extremely hard’ to start production at the Vares project in Bosnia & Herzegovina in the second quarter of 2023. ‘We remain on track to finish construction on time,’ commented Chair Michael Rawlinson.
Managing Director Paul Cronin said: ‘Despite difficult market conditions and inflationary pressures affecting the mining sector, the team's ability to identify cost savings opportunities has meant that the Vares project is expected to have a capital expenditure of $170 million, less than a 1.1% increase from our 2021 definitive feasibility study’.
Adriatic Metals shares were 0.3% lower at 123.40 pence each in London on Monday morning.
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